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About Thought-Wired

Thought-Wired is a high-tech social enterprise making nous™: a thought-controlled communication system for people who cannot move or talk because of physical disabilities

Together we want to make life better for millions of people

There are more than 6 million people around the world who cannot move or speak because of severe physical disabilities such as cerebral palsy or motor-neuron disease.

Often they have sound, healthy minds.

People with profound physical disabilities and their carers have to go to extreme lengths in order to communicate. And in many cases they simply cannot communicate at all. Given the technology available today, it shouldn’t be that hard.

Introducing nous™: thought-controlled communication software

nous™ uses brain-sensing technology. Users don’t need to be able to move or speak. Just think. A lightweight headband detects the user’s thought patterns and translates them into signals, which the nous™ software then translates into actions.

nous™ teaches people how to control their thought patterns so that they can select words and images on a computer screen, allowing them to communicate.

Beyond communication, the possibilities are endless. Anything that can be controlled with a computer, a smartphone or a tablet could be operated via nous™. It could be a motorised wheelchair, the lights in your home, a bionic arm...

We have proven our prototypes work and there is market demand

We have successfully trialled the nous™ prototypes and are now ready to finish building and launch the first commercial version.

During our research and customer trials, we have confirmed that nous™ will improve the quality of life for our customers. We have also confirmed that our proposed subscription model at the price of $199 per month is affordable and represents good value for our customers.

Our share offer

We are seeking between $200,000 (7.58%) and $350,000 (12.54%) (NZD) of capital in this round of funding. Investor shares are priced at $1 each, with a minimum purchase of 500 shares.

Investment Tiers & Rewards

Depending on the sum of your investment you’ll be entitled to these investor rewards:

Discounts – you’ll be entitled to a discount on nous™ subscription for life and a discount on brain-sensing devices such as Muse that we resell (one-off or lifetime depending on the investment tier). Subject to investor discounts Ts&Cs.

You can gift your nous™ subscription discount to anyone who needs it!

Recognition – we will immortalise your support within nous™ itself either in the Help/About screen and in the special section of our website. Unless, of course, you ask us not to.

Rights attached to all shares

The shares on offer are investor shares. These are non-voting shares, except in very limited circumstances. This ensures that shareholders’ core rights are protected and gives shareholders the right to one vote on a proposal or resolution:

That would affect the rights attached to the investor shares;

To put the company into liquidation;

For the disposal of the whole, or a material part, of the property, business and undertaking of Thought-Wired Limited.

Investor shares will give the holders:

The right to an equal share in dividends and other distributions made by Thought-Wired Limited (subject to the rights of any other class of share);

The right to an equal share in the distribution of surplus assets of Thought-Wired Limited.

Investor shares do not give shareholders any rights to vote on the appointment or removal of directors.

We recommend that you read our constitution.

Shareholdings

a) F&F Investors are friends & family who joined us in 2014 through a convertible debt mechanism. Details available on request.

b) NB: Additional 40,000 shares issued to the Employee Share Option Pool (ESOP) as part of this share issue. Hence the discrepancy between the percentage of PledgeMe investors shares indicated at the top of the PledgeMe campaign page and the real percentage listed here. (PledgeMe's built-in calculator could not accommodate for this scenario)

About our Team

Dmitry Selitskiy, Founder & CEO, left his IT career to start Thought-Wired, motivated by the experiences of his relatives. His cousin lives with severe cerebral palsy which has left him locked-in for life. Dmitry has five years’ experience in IT. His previous roles included business and systems analysis, systems architecture and implementation and project management. He received his BBIM and BCom (Hons) degrees from the University of Auckland. Since founding Thought-Wired, he has received extensive mentoring and coaching from the experts at Ākina Foundation, ICEHOUSE, and independent entrepreneurs. Dmitry is responsible for all non-technical & commercial aspects of the venture.

Dr James Pau, Product Lead & Co-founder, joined Dmitry because he believes that brain-computer interfaces have the potential to add the most value to the lives of those with disability, and is an expert in this technology. James has six years’ research experience and knowledge in working with brain and muscle activity. He first completed a BE (Hons) in Mechatronics Engineering (a fusion of mechanical, electrical and software engineering) at the University of Auckland, followed by a PhD and Postdoctoral research in Biomedical Engineering. He has experience working with brain-sensing technology, and understands its capability and where the limitations currently are. James’s primary responsibility is leading the nous™ product development.

Sarvnaz Taherian, User Research Lead & Co-founder, wants to address the fact that people who have severe disabilities and their support network are often let down by society and industry. Sarvnaz is a PhD candidate in Psychology at the University of Auckland, and a former research assistant at the Cerebral Palsy Society of New Zealand. She has three years’ experience working in the disability sector. Her work focuses on the usability and effectiveness of hi-tech assistive devices, and the aspects of human- computer interaction that need to be taken into consideration when designing such systems. She has a deep understanding of user needs, from a multiple stakeholder perspective, and the processes required to improve the adoption of assistive technology. She leads user research, field work and nous™ trials at Thought-Wired.

Konstantin Selitskiy, Non-executive Director & Co-founder, is passionate about the translation of new technology into commercial products. His background is in science and technology and he brings 25+ years of experience in entrepreneurship and management. As a co-founding, non-executive director he ensures that there’s a healthy balance between our ambitions and being realistic. We lovingly call him our Chief Sceptical Officer.

Stefan Rochfort, Advisor & Software Engineer, brings 18 years of experience in the IT industry as a software developer, analyst, DBA, project manager, digital media creative, and head of department. He consults on many aspects of the business, engages his generous network of industry professionals, and keeps his hands dirty with digital media production and software engineering.

See our full investment memo to read about our amazing extended team of experts and advisors.

What we've done so far

Over the last 5 years we have actively involved our potential customers in the design process. We have interviewed, demonstrated and trialled our concept to hundreds of people in order to gather their feedback.

This has given us valuable insights, including:

Even the most basic communication, such as “Yes” and “No” responses is hugely valuable

It is critical to guide the user through the learning process to achieve good results

We can greatly improve quality of life by connecting to music and entertainment applications

Our potential customers believe nous™ is well worth the price we have indicated

We have been recognised through wins in Microsoft’s Imagine Cup, The University of Auckland’s Velocity Entrepreneurship Programme, and Akina Launchpad Accelerator. As well as gaining support from Callaghan Innovation through two successful R&D Project grants.

The feedback from the community of end users, carers and support organisations such as ATANZ, TalkLink, Cerebral Palsy Society of New Zealand, and Carlson School for Cerebral Palsy to name a few, has been extraordinarily positive.

What's next?

Sign-up the first individual customers and produce case studies with them

Formalise key strategic partnerships to access the early adopters

By doing this, we will be ready to launch nous™ internationally next year.

The first version of nous™ is targeted for 600 customers in the first full year of sales, out of a potential addressable market of 360,000 people.

Our initial focus is to sell directly to people with disabilities and their families, while we set up other channels for sales and funding.

In the future, our goal is to have nous™ partially funded by healthcare agencies and insurance companies, and revolutionise the care given to all of the people who are limited by their physical constraints today.

This is a chance for your money to fundamentally change people’s lives

By creating and delivering nous™ to people with profound disabilities in New Zealand and internationally, together we will:

• Empower individuals with disabilities to live healthier, happier lives by being able to communicate;

• Reduce stress and improve quality of life for caregivers supporting these individuals;

T-3 days: 137-strong and pushing to the max!

One hundred and thirty seven investors make up a very special group who believe in our mission, our team and our tech.

They say it better than we could, anyway:

We are continuing to be humbled and encouraged by the level of support we’ve received and the calibre of people joining us as foundational investors. We thank you all!

We aren’t lifting the foot from the accelerator, though. There are still three more days to go and we have the controls set for the max target. Do share the campaign with one or two friends or colleagues who you feel would get most excited about Thought-Wired. There is still time!

> If you’re following this campaign and have not made up your mind–now is the time: http://pldg.me/twYou still have a chance to join the 137-strong community who believe that the world can be made universally accessible with our technology! Our campaign closes on Mon Sep 19th, 7pm sharp.

Three weeks in, sights set on max!

Thanks to 112 investors who believe in us, our mission and our venture, we’re less than $17k away from meeting our minimum target! You daily blow us away with your considered, forward-thinking support!

When we cross this threshold, those pledges become real investments, and the team will have the resources to push forward to our goal of launching the first commercial version of nous™ next year.

Minimum threshold vs Maximum target

Crossing the minimum threshold will be an excellent outcome, but together we can do more.

We did not set our maximum funding goal at $350,000 arbitrarily. The closer we get to the maximum amount, the more we can do without distracting ourselves by needing to secure more funding. Every extra $25k means another month’s worth of brain-power hours to pump into building the best possible product and reaching more people who need it, faster.

> If you have already invested, you’re a hero! What makes a hero into a super-hero? They keep doing more heroic things. Tell a few of your friends and colleagues about Thought-Wired, about nous™ and about your pledge, and you’ll be superifying your hero status! Thank you!

> If you’re following this campaign and have not made up your mind about becoming an investor - now is the time: http://pldg.me/tw. Join the other 112 kind-hearted forward-thinkers who believe that the world can become universally accessible through our technology!

Hot off the press this week

NZ Innovation Awards Finalists

We’re super excited and humbled to be selected as finalists for NZ Innovation Awards 2016 in two(!) categories: Innovation in Health & Science and Excellence in Social Innovation. Check out the calibre of our fellow finalists on Idealog.

The Everywhere Initiative by VISA Finalists

Earlier today we also got word that we’ve been selected as a finalist for the Visa Everywhere Initiative! So we’re off to Sydney in two weeks’ time to compete for up to AUD$70,000. Exciting times!

Hello Tomorrow Global Challenge TOP 500

On top of all the local recognition, Thought-Wired’s been recognised internationally by the Hello Tomorrow Global Summit & Challenge. It’s quite incredible to be selected alongside other top 500 deep-tech startups in the world!

Upcoming events

Auckland, Wednesday Sep 14th

We’re coming back to GridAKL (101 Pakenham St West, Auckland Central) for an interactive demo session at the TechCafe. You'll be able to drive our thought-controlled robot with your mind, see nous™ in the flesh, and ask us your curliest questions between 11am and 1pm on September the 14th.

In the media and on the blogs

URGENT! Tune in toDrive with Duncan Garner on RadioLive this afternoon: Dmitry will be talking about nous™ and the finalist selection for the NZ Innovation Awards at around 3.50pm today (Friday, Sep 9th)

Two weeks, $166k and 83% of the minimum target. Wow!

Two weeks, $166k and 83% of the minimum target. Wow!

96 kind-hearted, smart-headed investors have put us within lunging distance of our minimum target. At 200k the pledged investments become real and so does the dream of making the world accessible to the millions of people for whom it currently isn’t.

At 200k we’ll be able to finish building nous™ v1, launch it in New Zealand and grow organically from there. But we won’t be taking our foot off the gas when we get to that minimum - if we make it to 350k we can prepare and execute a large-scale international launch of nous™ faster, and get the technology to more people who need it sooner.

> If you’re following this campaign and still thinking of becoming an investor, time is fleeting - get in quick: http://pldg.me/tw

> If you already invested, THANK YOU and congratulations – welcome to Thought-Wired, we know you’ll be very happy here! Please consider spreading the word to your trusted networks about your excellent and good-hearted investment!

Upcoming events

We’ve a couple of events in the next two weeks for you. You can find out more about us, ask us anything about the technology and the business, and even try nous™ interactive demos yourself!

Wellington, Wednesday Sep 7th

Dmitry is coming over to meet Wellingtonians on September the 7th. A meet and greet session will be hosted by the PledgeMe team at Southern Cross Garden Bar & Restaurant (39 Abel Smith St, Te Aro) from 5.30pm.

Auckland, Wednesday Sep 14th

We’re coming back to GridAKL (101 Pakenham St West, Auckland Central) for an interactive demo session at the TechCafe. You'll be able to drive our thought-controlled robot with your mind, see nous™ in the flesh, and ask us your curliest questions between 11am and 1pm on September the 14th.

We're over $120k!

Well.. can you believe we only launched on Wednesday? We can’t... So much has happened!

We reached $120k!

Here we are, not even one week later and we’ve passed the $120k mark! Given that our minimum target is $200k in order for these pledges to be a real and actual thing, we are totally thrilled with that. For us, watching that number go up and up has been like watching a Telethon. So exciting! If you’re one of the people who has already pledged - THANK YOU!

We really appreciate all of the support we’ve received so far. The sooner we get across the line the sooner we can start instigating our plans to get this technology to those who need it.

If you know anyone who might also be interested in supporting us, we’d love if you could share this campaign on.

If you’re following this campaign and still thinking of becoming an investor, please get in quick: http://pldg.me/tw

Leave it too late and you might miss your chance to become one of the original investors in Thought-Wired. You know, one of those visionaries who could see where the technology was going and got in on the ground floor.

We were on TV!

Oh and we may have mentioned (only a few million times on social media already) that we managed to get ourselves onto Seven Sharp on launch day. They did a pretty decent job of explaining what we’re about. If you haven’t watched it yet, here’s the link again. Please pass it on to others who haven’t heard about us yet:

We’re listening

If you’ve been paying attention, you’ll know by now that we develop nous™ by closely listening to feedback from our users.

We apply the same principle to everything else we do.

We had some feedback that the summary metrics table that we used in our investment document (pages 2 and 8) and on our campaign page was confusing. So, we’ve taken another shot at it here:

The numbers are still the same but should now be easier to follow. If you come across anything else in our documentation that makes you scratch your head, let us know!

We’re always happy to answer your questions.

Did you miss our launch event?

If you missed your launch event, you may have heard that we demonstrated our technology on the night and everyone had heaps of fun with it. So if you couldn’t make the event but would like to see the technology for yourself, please get in touch. We’re arranging some casual events where you can drop in and try the technology and ask us questions.

Thanks for your continued support!

- Dmitry & the Thought-Wired team.

Comment on this update:

Offer Details

Current Valuation

2,400,000

Raise Minimum

200,000

Raise Maximum

350,000

Share Price

1.00

Maximum Shares Offered

350,000

Explanation of valuation:

We have valued Thought-Wired at $2.4M (prior to the issue of investor shares).
This is based on 4x projected revenue for the first full year of sales, which is the
minimum multiplier expected in our industry.
See our investment memo for detail.

Will the technology be on display at Wednesday 7 event, if I brought my friend with cerebral palsy who is non-verbal but can write/type slowly,
Has the technology been shown to add benefit for someone functioning at this level?

Hi Rob!
Dmitry will have the demo set up with him exactly for a situation like this.
That said, if your friend can slowly write or type, then nous™ ver. 1 would not be of huge benefit at this point in time as it is aimed at enabling basic communication to start with.
We still encourage you to come and have a chat so we can see which future possibilities will be of benefit to your friend!

Hi Chuck,
On the 7th I'll be over in Wellington to meet with anyone interested in our venture, the nous™ product and an opportunity to invest. The bulk of the time will be devoted to Q&A with people attending and wrapped up with an interactive demo of the current nous™ prototype.
It is hosted by the PledgeMe team at at Southern Cross Garden Bar & Restaurant (39 Abel Smith St, Te Aro) from 5.30pm on Sep 7th.
Please RSVP at https://attending.io/events/thought-wired-investor-meet-greet

Hi Chuck,
Indeed, great idea! There's a lot of research into potential uses of such technology (EEG). There even has been a trial project in Australia looking at drivers' attention. Also, headsets like the ones we use, are being used in applications designed to improve people's ability to focus, for example for children with ADD/ADHD.
From our perspective, we're open to such future opportunities and will leverage them to grow the business as long as it does not detract from our core purpose of enabling people with disabilities.
Thanks for the question!

Hi, Malcom.
Thanks for the great question. Yes, it may be possible unless you are already at the maximum 20% tier. We will need to confirm your exact situation and the final discount individually with you and your group. Happy to discuss further. My contact details are in the Investment Memorandum on the cover page. Cheers, Dmitry.

Amazing work Dmitry and team. Well done for getting this far! I have been watching from afar for a while and am really interested in helping the company grow.

I have a few questions (that you have probably asked of yourself a few times in the last few years!)

Funding R&D/early sales growth:

In your estimates, you have very aggressive sales targets. Do you think that you will be able to scale the business to move from an R&D-led company to a production and sales-led company?

Much of your early revenue expectations rely on equity crowdfunding and R&D grants via Callaghan Innovation. What is the backup plan if those don't eventuate?

Sales & marketing questions:

How have you devised the total market size?

Have you verified that your market is willing to use a subscription-based model for care?

Are insurers be willing to fund a subscription to nous? Do you have the resources to undertake those negotiations to get nous to be an approved intervention?

Do you have any keystone customers/partners that are willing to (part-)fund trials or medical-grade validation? As an outsider looking in, a natural local partner would be F&P Healthcare.

Who are your distributors for offshore markets?

What are your sales channels for offshore markets?

What regulatory or trade barriers exist in those jurisdictions for EEG-type devices? Does the team have the legal capacity to push through them those barriers?

Product questions:

Do you have secure supply agreements for the 3rd party devices that you are intending to deploy with/for nous? What happens if one of the suppliers goes under?

The company doesn't seem to have reserves to cover a possible (probable?) full product recall for its early products. Is that the case? What steps are being taken to mitigate that risk?

Operational questions:

Operating expenses seem to be fairly conservative. For example, you are modelling on 6 FTEs. Yet none of your current staff appear to be focused on production and/or customer support (see also the first question). Scaling to 10k customers within 3 years sounds hard.

Hey Tim!
These are excellent questions, thank you for taking the time.
We took the time to address them as well. Being unable to format the answers here, I've put them in a neat list: http://bit.ly/TwPmQA1
There are some details that I avoided going into publicly for commercial reasons. Happy to talk further offline in confidence. Cheers, Dmitry.

EQUITY CAMPAIGN

Equity Offer:

From $200,000 for 7.7%

Up to $350,000 for 12.7%

Share Offer:

Up to 350,000 Shares

at $1.00 per Share

This project was successful and got its funding on 19/09/2016 at 7:00 AM.

This campaign has closed, but this company may choose to do more equity raises on PledgeMe
in the future. If you're interested in investing in Thought-Wired, you can sign up to be notified
when a new equity campaign from this company is published.

Investor Perks

Bronze

Silver

Part ownership of Thought-Wired Limited with non voting shares. | 5% lifetime discount on nous™ and a one-off 5% discount on third-party products we resell. | Recognition within nous™ and on our website.

NZ $2,500 - $9,999

Gold

Part ownership of Thought-Wired Limited with non voting shares. | 10% lifetime discount on nous™ and a one-off 10% discount on third-party products we resell. | Recognition within nous™ and on our website.

NZ $10,000+

Platinum

Part ownership of Thought-Wired Limited with non voting shares. | 20% lifetime discount on nous™ subscription and on third-party products we resell. | Recognition within nous™ and on our website.

Warning statement about equity crowdfunding

Equity crowdfunding is risky.

Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.

You may lose your entire investment, and must be in a position to bear this risk without undue hardship.

New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.